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Negative hedonistic utilitarianism thinks of utility in terms of hedonic mental states such as suffering and unpleasantness. [6] Negative Average Preference Utilitarianism [ 15 ] makes the same assumptions on what is good as negative preference utilitarianism, but states that the average number (per individual) of preferences frustrated should ...
The word utility is used to mean general well-being or happiness, and Mill's view is that utility is the consequence of a good action. Utility, within the context of utilitarianism, refers to people performing actions for social utility. With social utility, he means the well-being of many people.
The opposite of a rival good. The more people share an anti-rival good, the more utility each person receives. antitrust law. Also called a competition law or anti-monopoly law. Any law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies.
An unpaired word is one that, according to the usual rules of the language, would appear to have a related word but does not. [1] Such words usually have a prefix or suffix that would imply that there is an antonym , with the prefix or suffix being absent or opposite.
The concept of rationality used in rational choice theory is different from the colloquial and most philosophical use of the word. In this sense, "rational" behaviour can refer to "sensible", "predictable", or "in a thoughtful, clear-headed manner." Rational choice theory uses a much more narrow definition of rationality.
In economics, utility is a measure of a certain person's satisfaction from a certain state of the world. Over time, the term has been used with at least two meanings. In a normative context, utility refers to a goal or objective that we wish to maximize, i.e., an objective function.
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Only if the two products satisfy the three conditions, will they be classified as close substitutes according to economic theory. The opposite of a substitute good is a complementary good, these are goods that are dependent on another. An example of complementary goods are cereal and milk. An example of substitute goods are tea and coffee.